CaPiTanAK wrote:It's more valuable bc it's a decentralized medium of exchange in which trust has been lost in traditional finance and in our society.
This isn't true. Traditional finance is infinitely more trusted than block chain. I can go use my visa card anywhere, not buy something in bitcoin anywhere.
It's true that the traditional ways of doing things are better in term of speed and cost at the moment. Given your argument, should we have ignored the Internet in the 90s? Cryptos aren't being valued for current productions, but rather the potential for the technology. Some better futures that I can think of for blockchain include:
Blockchain will always be slower, updating the chain will always be slower than updating a single point. Distributed ledger is necessarily slower because it is simply an order of magnitude more complex by design.
1. A decentralized application for exchange that's better than traditional exchanges like Robinhood, which disguises itself as a medium to screw the mass and enrich the mass. Uniswap will eventually replace traditional exchange.
Are you seriously saying Robinhood is your example of traditional financial exchange?
2. Decentralized DeFi which allows people to get 8-16% return on their savings rather the silent thief with .2% CD rate with true inflation running at 4-6% while the CPI is rigged to underestimate the true #s
Returns in finance are related to risk. If you are getting an 8-16% return you are taking on considerably more risk than a CD or some other safe product. There are many ways you can invest that is high risk / high return and crypto currencies are certainly one of them.
3. Like all technologies, it will follow an exponential tech development phase in which all current things that you see as roadblocks like now will eventually resolve, like cost of trx, scaling, and speed
Certainly if cpu power rises exponentially relative to electricity used that could be true. The fact that fundamentally, the process is orders of magnitude more complex than a central ledger means it will never match those things on central ledger, but it may get to the point where the difference is irrelevant over enough time.
4. Our next phase of growth will be a global economy in which consumer and producer are directly connected to each other. That step is impossible with existing institutions, policies, and deeply entrenched tech firms seeking to only profit the rich and steal from the poor. Look for further than our supposedly own unbiased Fed Reserve rigging the game from Day 1 to make bankers and people with connections richer, and worsening the economic gap over time. Thanks to the Internet, the mask has been unveiled and more and more people are seeing the value is a decentralized system without bias, even if its performance is worse than traditional system's at current time.
I do believe the system is rigged to make rich people richer. The ways it is rigged aren't what you are suggesting though. They are primarily through tax policy and spending policy though. Bitcoin won't change that at all in this country though. It won't change the massive tax breaks on wealth/capital vs labor. The problems with this are also different in each country though. While you seem to trying to be spouting some weird financial conspiracy here, you don't seem to understand the role of the different financial institutions or why the rich get richer.
5. Once the infrastructure has been built to resolve the current problems that you have outlined, I see the global economy to be more connected in the future with ensured trust and exponential growth. Some of the possibilities after this will be like:
Not sure why you think distributed ledger will lead to any of these outcomes.
a. Producers like musicians and artists will have a mean to distribute their products directly to the consumer instead of relying on traditional institutions taking a majority of the cut without producing anyway
Already can happen today trivially. People go to middlemen for advertising because those middlemen have reach. Distributed ledger won't generate reach for people. It's like saying I have infinite reach because I can start a twitter account, yes in theory, but in actuality my reach is still very small.
b. All means of investment will be tokenized, allowing the mass to put money into deals that only existed to the rich and partake in the growth and profit
Already can happen today for people that want their investments to be available to everyone. Lots of companies break down larger transactions into smaller blocks. This is fundamentally what shares of stock are and lots of places now allow you to even buy just partial shares of stock.
c. Product requests are posted on a decentralized exchanges, allowing the best work at the best price from a contractor to be done with public evidence
That only makes sense when you have commoditized / identical services. Not really sure what you mean, but in areas where you have that, again, already exists in the commodities market which has existed forever.
d. Exchanges are governed by smart contract with low fees, with the cheaters being penalized or kicked out of the system.
This is also already true.
This can go into all means of doing business to even own delivery system, in which frauds and losses are annually claimed resulting in millions of loss to Amazon.
So you think each individual will have a smart house connected to amazon's block chain in order to do business with them?
1. Videos made by producers can now be monetized with 95% of revenue returned back to the content producer, instead of Youtube taking a 60-70% and leaving about 20% cut back the the producer. Same thought process for audio industry.
You can monetize all your videos now. You don't have to post on youtube. You choose youtube because the platform itself allows you to make more money than posting on a different platform. I'm struggling to think how you think you will monetize a video on blockchain or post it in a decentralized way and how that will give you money? Are you referring to NFTs?
2. Internet users can now monetize their data in term of web browsing habit, instead of companies like FB, Google, and Apple tracking your activities and selling them off for their own profit
How much do you think anyone will pay for this? And again, why do you think this fits into a distributed ledger.
These are just some thoughts, and I haven't done a deep dive into these areas. But, I personally believe that the future companies worth multi-trillions (>10 trillions) will come out of blockchain. For me, the most obvious one right now is TSLA with its autonomous driving tech and its adoption of BTC as a payment system.
None of the ideas you mention require a distributed ledger or are enhanced by a distributed ledger (or at least I don't see how). You seem to not understand the difference between blockchain and AI, I can see why you think it's a super tech given that autonomous driving is about AI not blockchain and the two aren't remotely related.